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Side-by-side financial comparison of BOYD GAMING CORP (BYD) and RXO, Inc. (RXO). Click either name above to swap in a different company.
RXO, Inc. is the larger business by last-quarter revenue ($1.5B vs $997.4M, roughly 1.5× BOYD GAMING CORP). BOYD GAMING CORP runs the higher net margin — 10.5% vs -3.1%, a 13.6% gap on every dollar of revenue. On growth, BOYD GAMING CORP posted the faster year-over-year revenue change (0.6% vs -11.9%). Over the past eight quarters, RXO, Inc.'s revenue compounded faster (26.8% CAGR vs 1.5%).
Boyd Gaming Corporation is an American gambling and hospitality company based in Paradise, Nevada, US.
RXO, Inc. is a leading transportation and logistics solutions provider headquartered in the United States. Its core service portfolio includes freight brokerage, last-mile delivery for heavy and bulky goods, managed transportation services, and end-to-end supply chain optimization support, primarily catering to clients across the North American manufacturing, retail, and e-commerce segments.
BYD vs RXO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $997.4M | $1.5B |
| Net Profit | $104.3M | $-46.0M |
| Gross Margin | — | — |
| Operating Margin | 16.4% | -2.9% |
| Net Margin | 10.5% | -3.1% |
| Revenue YoY | 0.6% | -11.9% |
| Net Profit YoY | -5.9% | -84.0% |
| EPS (diluted) | $1.37 | $-0.28 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $997.4M | — | ||
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.0B | $1.4B | ||
| Q2 25 | $1.0B | $1.4B | ||
| Q1 25 | $991.6M | $1.4B | ||
| Q4 24 | $1.0B | $1.7B | ||
| Q3 24 | $961.2M | $1.0B | ||
| Q2 24 | $967.5M | $930.0M |
| Q1 26 | $104.3M | — | ||
| Q4 25 | $140.4M | $-46.0M | ||
| Q3 25 | $1.4B | $-14.0M | ||
| Q2 25 | $151.5M | $-9.0M | ||
| Q1 25 | $111.4M | $-31.0M | ||
| Q4 24 | $170.5M | $-25.0M | ||
| Q3 24 | $131.1M | $-243.0M | ||
| Q2 24 | $139.8M | $-7.0M |
| Q1 26 | 16.4% | — | ||
| Q4 25 | 15.7% | -2.9% | ||
| Q3 25 | 13.9% | -0.5% | ||
| Q2 25 | 23.4% | — | ||
| Q1 25 | 20.2% | -2.1% | ||
| Q4 24 | 25.1% | -1.4% | ||
| Q3 24 | 22.9% | -1.9% | ||
| Q2 24 | 23.5% | — |
| Q1 26 | 10.5% | — | ||
| Q4 25 | 13.2% | -3.1% | ||
| Q3 25 | 143.4% | -1.0% | ||
| Q2 25 | 14.6% | -0.6% | ||
| Q1 25 | 11.2% | -2.2% | ||
| Q4 24 | 16.4% | -1.5% | ||
| Q3 24 | 13.6% | -23.4% | ||
| Q2 24 | 14.5% | -0.8% |
| Q1 26 | $1.37 | — | ||
| Q4 25 | $1.60 | $-0.28 | ||
| Q3 25 | $17.81 | $-0.08 | ||
| Q2 25 | $1.84 | $-0.05 | ||
| Q1 25 | $1.31 | $-0.18 | ||
| Q4 24 | $1.89 | $-0.17 | ||
| Q3 24 | $1.43 | $-1.81 | ||
| Q2 24 | $1.47 | $-0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $17.0M |
| Total DebtLower is stronger | — | $387.0M |
| Stockholders' EquityBook value | — | $1.5B |
| Total Assets | — | $3.3B |
| Debt / EquityLower = less leverage | — | 0.25× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $353.4M | $17.0M | ||
| Q3 25 | $319.1M | $25.0M | ||
| Q2 25 | $320.1M | $18.0M | ||
| Q1 25 | $311.5M | $16.0M | ||
| Q4 24 | $316.7M | $35.0M | ||
| Q3 24 | $286.3M | $55.0M | ||
| Q2 24 | $280.8M | $7.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $387.0M | ||
| Q3 25 | — | $387.0M | ||
| Q2 25 | $3.6B | $387.0M | ||
| Q1 25 | $3.5B | $387.0M | ||
| Q4 24 | $3.2B | $351.0M | ||
| Q3 24 | $3.1B | $352.0M | ||
| Q2 24 | $3.0B | $370.0M |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $1.5B | ||
| Q3 25 | $2.7B | $1.6B | ||
| Q2 25 | $1.4B | $1.6B | ||
| Q1 25 | $1.3B | $1.6B | ||
| Q4 24 | $1.6B | $1.6B | ||
| Q3 24 | $1.6B | $1.7B | ||
| Q2 24 | $1.7B | $579.0M |
| Q1 26 | — | — | ||
| Q4 25 | $6.6B | $3.3B | ||
| Q3 25 | $6.5B | $3.2B | ||
| Q2 25 | $6.6B | $3.2B | ||
| Q1 25 | $6.5B | $3.3B | ||
| Q4 24 | $6.4B | $3.4B | ||
| Q3 24 | $6.3B | $3.4B | ||
| Q2 24 | $6.3B | $1.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | 2.56× | 0.24× | ||
| Q1 25 | 2.61× | 0.24× | ||
| Q4 24 | 2.01× | 0.22× | ||
| Q3 24 | 1.88× | 0.21× | ||
| Q2 24 | 1.73× | 0.64× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $7.0M |
| Free Cash FlowOCF − Capex | — | $-9.0M |
| FCF MarginFCF / Revenue | — | -0.6% |
| Capex IntensityCapex / Revenue | — | 1.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-8.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $275.3M | $7.0M | ||
| Q3 25 | $240.0M | $23.0M | ||
| Q2 25 | $205.0M | $23.0M | ||
| Q1 25 | $256.4M | $-2.0M | ||
| Q4 24 | $262.1M | $-7.0M | ||
| Q3 24 | $231.2M | $-7.0M | ||
| Q2 24 | $213.1M | $-5.0M |
| Q1 26 | — | — | ||
| Q4 25 | $127.0M | $-9.0M | ||
| Q3 25 | $94.4M | $9.0M | ||
| Q2 25 | $80.6M | $9.0M | ||
| Q1 25 | $86.5M | $-17.0M | ||
| Q4 24 | $150.9M | $-19.0M | ||
| Q3 24 | $146.0M | $-18.0M | ||
| Q2 24 | $98.7M | $-16.0M |
| Q1 26 | — | — | ||
| Q4 25 | 12.0% | -0.6% | ||
| Q3 25 | 9.4% | 0.6% | ||
| Q2 25 | 7.8% | 0.6% | ||
| Q1 25 | 8.7% | -1.2% | ||
| Q4 24 | 14.5% | -1.1% | ||
| Q3 24 | 15.2% | -1.7% | ||
| Q2 24 | 10.2% | -1.7% |
| Q1 26 | — | — | ||
| Q4 25 | 14.0% | 1.1% | ||
| Q3 25 | 14.5% | 1.0% | ||
| Q2 25 | 12.0% | 1.0% | ||
| Q1 25 | 17.1% | 1.0% | ||
| Q4 24 | 10.7% | 0.7% | ||
| Q3 24 | 8.9% | 1.1% | ||
| Q2 24 | 11.8% | 1.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.96× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 1.35× | — | ||
| Q1 25 | 2.30× | — | ||
| Q4 24 | 1.54× | — | ||
| Q3 24 | 1.76× | — | ||
| Q2 24 | 1.52× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BYD
| Gaming | $650.5M | 65% |
| Online reimbursements | $135.4M | 14% |
| Food & beverage | $75.8M | 8% |
| Other | $63.5M | 6% |
| Room | $45.9M | 5% |
| Management fee | $26.2M | 3% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
